CANNES-Dirt is just starting to move on what is being touted as the largest integrated urban development project in Europe. Russian asset manager Renova Stroygroup used the opening day of Mipim to formally unveil the 1300-ha project.

When the construction dust clears in 2025, the multi-phase project, located in the Sverdiovsk region of Russia, will boast some 4.2 million sm of non-residential real estate and a little more than nine million sm of housing for a total population targeted at 325,000 people. Plans also call for a 500,000-sm business center (this to be completed by 2010) and a logistics complex pacing out to 249,000 sm.

According to Renova president Veniamin Golubitsky, the project will be funded in phases through “specialized investors focused” on each segment of the build-out. A number of Russian banks are already on board, he went on to say, and in a private interview after the press conference, a spokesperson indicated that a variety of closed-end funds are also expected to back the deal. Despite the massive overall cost, “step-by-step, it’s very feasible,” Golubitsky added.

Details were sparse on the green aspects of the project, although Golubitsky promised that Akedemia City would be “highly energy efficient,” and he hoped the savings therein would help minimize potential investors’ sticker shock. The architect is Valode & Pistre.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.